How much has land gone down in larnaca?

[knucklehead]

Hi Nigel and all,
Whats your opinion about land prices in Larnaca and elswhere in Cyprus. Have they really gone down about 30% from the Feb 2008 peak? And how much do you think they will go down and for how long.
I own part of a large plot(400 metres from Dhekelia road near Palm beach hotel) that should of been sold in 2007 but wasnt due to one relatives belief that "land in Cyprus never goes down". He has now changed his mind.

Thanks
Knucklehead

[Nigel Howarth]

Hi knucklehead

It’s difficult to say, I’m not really an analyst. Although prices of new property have fallen by 30% in some areas, these generally relate to properties being sold by developers to non-Cypriots. And it’s been recognised that these properties were overpriced in the first place.

Reports I’ve seen say that plots of land in residential areas have fallen between 8% and 10% and in some cases between 12% and 15%, while plots in agricultural areas have fallen by 20%-25%.

To get a better idea of asking prices for land, take a look at the on-line estate agent listings.

How long will it last? Some say the market will recover next year, some the year after – and some say after 2012.

Cheers,